Freestyling Friday: Talking Tax with John Falcon : Episode 006

Freestyling Friday: Talking Tax with John Falcon

As the saying goes ‘tax doesn’t have to be taxing, and after a conversation with John it really isn’t.

It’s quite a challenge describing what we do to anyone in a professional arena. In a pull-down menu where you have to describe your job interior stylists soon become interior decorators and writers become journalists – neither of which is right. But when it comes to talking tax we know John Falcon from JF Financial really ‘gets’ us – probably because he’s my brother in law and has been around since before I became an interior stylist.

In today’s episode, you can hear a Facebook Live that I recorded a year ago where John answers questions that were submited by interior stylists, writers and assistants. There’s lots of talk about limited companies,  tax for the self-employed, expenses and lots, lots more. There’s bound to be something to help you with your next tax return – which can be filed from next week!

Today’s guest 

You can find John Falcon Director of JF Financial here :  www.jf-financial.com

Blog: jf-financial.co.uk/blog

Book: Tax guide E-book

A few things we covered in this episode :

Tax

• This article discusses electronic receipt filing:
• My Wilko concertina file for receipts
• Tiny Scanner – The app I use to scan receipts and send them as a PDF 
•  Paying tax when working abroad(7.10 min)
• What items/bills you can claim tax against – household, lunch (10.10 min)
• Working from home – what you can claim for (12.50 min)
• This article deals with many of the typical expenses –  home office costs, mobile phone, travel, car costs, subsistence, entertaining & training so covers off a few:
• Claiming for your car (17.10 min)
• Claiming for travel costs (20.50 min)
• Office furniture and office equipment (22min)
• Test shoot props (23.30 min)
• Purchases made from abroad (24min)
• Declaring your first self-assessment tax form (26min)
• Paying for things with cash (28 min)
• Paypal income (29min)

Business bank account

• Do I need a business bank account if I’m a sole trader (31.30 min)
• Here’s an article about the topic of sole trader vs limited company:
• John’s Tax accounting book 
• Dave Ramsey Total Money Makeover book 
• Profit First – Mike Michalowicz 

VAT

•  Who should be VAT registered (41 min)
• The difference between flat rate and standard schemes
• Flat Rate VAT vs Standard VAT (43 min)
• What is a disbursement (44.30 min)
• VAT disbursements HMRC guidance: (45 min)
• Paying for set builders on invoices (51 min)

Paying on account

• Paying on account (52 min)
• What is paying on account (53 min)
•  What percentage of my salary should I put aside for tax (56min)
• Student loan and tax (58 min)
• Metro bank account
• John’s blog 
• John’s Freelancers Tax planning Ebook 
• Inside Stylists resources page

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